Geojit Research: LIC Housing Finance Posts Strong Q1 Performance; Outlook Positive
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Geojit Research Report
LIC Housing Finance Ltd. is one of the largest housing finance companies in India. It provides long-term finance to individuals, professionals and builders of residential flats and houses.
The company has a wide distribution network of 282 marketing offices. For Q1 FY21, loans portfolio increased 6.1% YoY driven by Individual loan portfolio (up 6.0% YoY) and project loan (up 7.5% YoY).
Total disbursements stood at Rs 3,561 crore (down 65.3% YoY). Net interest margin for the quarter contracted approximately 10 basis points to 2.32%.
Net profit rose 33.9% YoY to Rs 817 crore, owing to decline in provisions.
The expectation of economy to improve post lockdown, strong fundamentals, and new products will boost performance in near future.
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